Golar enters into swap arrangements for 50% of 2024 Dutch Title Transfer Facility exposure
August 24 2022 - 6:39AM
Golar LNG Limited (“Golar”) announces today that
it has entered into swap arrangements to hedge approximately 50% of
its exposure to Dutch Title Transfer Facility (“TTF”) linked
production for 2024 at a TTF price of $51.20/MMBtu. A TTF price of
$51.2/MMBtu is the energy equivalent to a Brent oil price of
approximately $300/bbl. The hedging transaction secures cash flow
visibility for part of our 2024 Distributable Adjusted EBITDA at an
attractive historic level, whilst retaining meaningful exposure to
the possibility of higher prices.
Based on TTF gas prices of $51.20/MMBtu, and
current Brent forward prices for 2024 at $86/bbl, Golar’s share of
annual distributable Hilli Adjusted EBITDA for 2024 is expected to
be approximately $294 million (fixed tariff of $67 million, Brent
oil linked earnings of $73 million, and TTF linked earnings of
approximately $154 million). Golar’s share of expected 2024 annual
debt service for Hilli’s contractual debt is approximately $47
million (debt amortization of approximately $29 million and
interest of approximately $18 million).
FORWARD LOOKING STATEMENTS
This press release contains forward-looking
statements (as defined in Section 21E of the Securities Exchange
Act of 1934, as amended) which reflects management’s current
expectations, estimates and projections about its operations. All
statements, other than statements of historical facts, that address
activities and events that will, should, could or may occur in the
future are forward-looking statements. Words such as “will”, “may,”
“could,” “should,” “would,” “expect,” “plan,” “anticipate,”
“intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,”
“potential,” “continue,” or the negative of these terms and similar
expressions are intended to identify such forward-looking
statements.
These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
other factors, some of which are beyond our control and are
difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted in such
forward-looking statements. You should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. Golar LNG Limited undertakes no obligation
to update publicly any forward-looking statements whether as a
result of new information, future events or otherwise, unless
required by applicable law.
Hamilton, Bermuda
August 24, 2022
Enquiries:
Golar Management Limited: + 44 207 063 7900
Karl Fredrik Staubo - CEO
Eduardo Maranhão - CFO
Stuart Buchanan - Head of Investor Relations
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
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